ArcelorMittal (MT) Shares Gap Down to $22.41

ArcelorMittal SA (NYSE:MT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $22.89, but opened at $22.41. ArcelorMittal shares last traded at $21.96, with a volume of 2351355 shares.

MT has been the topic of a number of research analyst reports. Deutsche Bank reissued a “buy” rating on shares of ArcelorMittal in a report on Tuesday, November 6th. Zacks Investment Research raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Friday, October 12th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a report on Monday, September 17th. ValuEngine raised shares of ArcelorMittal from a “sell” rating to a “hold” rating in a report on Wednesday, September 26th. Finally, UBS Group raised shares of ArcelorMittal from a “sell” rating to a “neutral” rating in a report on Friday, November 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $34.50.

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The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.38. The firm has a market cap of $22.95 billion, a P/E ratio of 4.11, a price-to-earnings-growth ratio of 2.31 and a beta of 2.02.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 1st. The basic materials company reported $1.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.38 by ($0.11). ArcelorMittal had a net margin of 6.62% and a return on equity of 12.59%. The business had revenue of $18.52 billion for the quarter, compared to the consensus estimate of $19.33 billion. During the same period in the prior year, the business posted $1.18 EPS. ArcelorMittal’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities analysts predict that ArcelorMittal SA will post 5.03 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in MT. Raymond James & Associates grew its holdings in ArcelorMittal by 10.4% in the 2nd quarter. Raymond James & Associates now owns 19,110 shares of the basic materials company’s stock worth $550,000 after acquiring an additional 1,796 shares during the last quarter. United Services Automobile Association grew its holdings in ArcelorMittal by 9.5% in the 3rd quarter. United Services Automobile Association now owns 23,568 shares of the basic materials company’s stock worth $727,000 after acquiring an additional 2,051 shares during the last quarter. BlackRock Inc. grew its holdings in ArcelorMittal by 2.7% in the 2nd quarter. BlackRock Inc. now owns 89,829 shares of the basic materials company’s stock worth $2,586,000 after acquiring an additional 2,364 shares during the last quarter. Jennison Associates LLC grew its holdings in ArcelorMittal by 15.0% in the 3rd quarter. Jennison Associates LLC now owns 21,079 shares of the basic materials company’s stock worth $650,000 after acquiring an additional 2,751 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in ArcelorMittal by 7.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 46,167 shares of the basic materials company’s stock worth $1,329,000 after acquiring an additional 3,036 shares during the last quarter. 3.13% of the stock is currently owned by institutional investors.

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ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.